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Growth of China’s Industry Promises Demand for Copper

June 13, 2014 at 23:34 by Vladimir Vyun

Prices for copper climbed today as China’s industrial production grew. It was important for two reasons. Firstly, copper is an industrial metal. Secondly, China is the biggest consumer of the metal. Considering both these factors, the news mean that demand for copper should continue to grow.

Industrial production expanded 8.8 percent in May from a year ago after rising 8.7 percent in April. Other China’s economic indicators were also positive. Retail sales were up 12.5 percent compared to the previous month’s increase of 11.9 percent. The data suggests that the Asian nation may overcome the recent economic slowdown, and this promises increasing demand for raw materials, including copper.

Futures for delivery of copper in September climbed $0.0120 (0.40 percent) to settle at $3.0275 per pound on COMEX today.

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